SEV - Why Electric Vehicle Maker Sono Group's Stock Plummeted Today
The charge was weak with electric vehicle (EV) maker Sono Group (NASDAQ: SEV) on Wednesday, with the European company's stock plunging by over 16%. That fall came after the company announced a new secondary issue of its ordinary shares.
On Tuesday, Sono Group divulged that it aims to launch a follow-on offering of 10 million ordinary shares. The company plans to grant the issue's underwriters, which include Cantor Fitzgerald and B. Riley Securities, an option to collectively purchase up to 1.5 million more.
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Why Electric Vehicle Maker Sono Group's Stock Plummeted Today